Home City Development Inc
- Assets
- $15.8m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 5
- Location
- Springfield, MA
- Founding
- 03/1968
- Data as of
- 12/2021
- EIN
- 04-6190467
Organization Overview
Home City Development Inc is located in Springfield, MA. The organization was established in 1968. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Home City Development Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Home City Development Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Home City Development Inc generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.3%) each year. All expenses for the organization totaled $1.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (8.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
1.TO RESTORE OR REPLACE SUBSTANDARD HOUSING WITH A SUPPLY OF DECENT, AFFORDABLE, AND WELL-MANAGED HOUSING FOR INDIVIDUALS AND FAMILIES.2.TO FACILITATE NEIGHBORHOOD GROWTH AND HEALTH IN COLLABORATION WITH PARTNERS, LEADING TO LONG-TERM FAMILY AND COMMUNITY STABILITY.3.TO WORK WITH RESIDENTS, BUILDING ON THEIR STRENGTHS, TOWARD HEALTHY AND STABLE FUTURES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENTAL DEVELOPMENT & MANAGEMENT OF LOW INCOME HOUSING IN SPRINGFIELD, MA AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Kegelman Executive Director/ Clerk | Officer | 40 | $172,134 |
Peter Seafino Director Of Real Estate De | 40 | $124,746 | |
V Van Johnson ESQ President | OfficerTrustee | 1 | $0 |
Loleta Collins Vice President | OfficerTrustee | 1 | $0 |
Malissa Naylor Treasurer | OfficerTrustee | 1 | $0 |
Adam Gomez Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Housing Management Resources Property Management | 12/30/17 | $214,861 |
Davis Square Architects Inspection Engineer | 12/30/17 | $106,798 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $30,845 |
| All other contributions, gifts, grants, and similar amounts not included above | $197,776 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $228,621 |
| Total Program Service Revenue | $1,192,736 |
| Investment income | $275,436 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $14,686 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,734,116 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $179,003 |
| Compensation of current officers, directors, key employees. | $44,751 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $281,586 |
| Pension plan accruals and contributions | $10,010 |
| Other employee benefits | $21,005 |
| Payroll taxes | $40,003 |
| Fees for services: Management | $12,777 |
| Fees for services: Legal | $4,383 |
| Fees for services: Accounting | $53,976 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $22,934 |
| Office expenses | $171,343 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,736 |
| Travel | $1,716 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,911 |
| Interest | $26,198 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $85,779 |
| Insurance | $29,882 |
| All other expenses | $732 |
| Total functional expenses | $1,430,775 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $823,527 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,365,193 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,401 |
| Net Land, buildings, and equipment | $4,483,769 |
| Investments—publicly traded securities | $3,488,223 |
| Investments—other securities | $0 |
| Investments—program-related | $4,782,498 |
| Intangible assets | $0 |
| Other assets | $815,728 |
| Total assets | $15,775,339 |
| Accounts payable and accrued expenses | $397,968 |
| Grants payable | $0 |
| Deferred revenue | $9,256 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,266,912 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $86,548 |
| Total liabilities | $3,760,684 |
| Net assets without donor restrictions | $11,420,931 |
| Net assets with donor restrictions | $593,724 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $15,775,339 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Home City Development Inc has recieved totaling $171,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Western Massachusetts Springfield, MA PURPOSE: HUMAN SERVICES | $154,000 |
New England Grassroots Environment Fund Inc Newmarket, NH PURPOSE: Environment, Food | $12,000 |
Beveridge Family Foundation Inc West Newbury, MA PURPOSE: 2021 QUALIFIED DISCRETIONARY DISTRIBUTION | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Champlain Housing Tr Burlington, VT | $156,492,954 | $31,041,858 |
Neville Communities Home Inc Cambridge, MA | $11,055,368 | $17,412,264 |
Affordable Housing And Services Collaborative Inc Braintree, MA | $170,389,416 | $17,704,653 |
Fairhaven Healthcare Center Inc Lowell, MA | $23,711,383 | $11,897,110 |
Jewish Federation Housing Development Fund Company Buffalo, NY | $0 | $1,951,149 |
National Affordable Housing Foundation Schenectady Inc Waltham, MA | $11,290,760 | $3,782,521 |
Neighborhood Of Affordable Housing Inc East Boston, MA | $27,971,204 | $13,300,567 |
Grand Central District Management Association Inc New York, NY | $3,484,616 | $12,729,561 |
Westbeth Corp Housing Development Fund Company Inc New York, NY | $62,389,155 | $10,191,211 |
Inquilinos Boricuas En Accion Inc Boston, MA | $173,108,948 | $16,934,744 |
Brighton Beach Housing Development Fund Company Inc New York, NY | $22,060,771 | $3,270,016 |
Milton-Fuller Housing Corporation Milton, MA | $76,615,525 | $9,254,138 |